ShapeShift Decentralizes the Exchange to Form a DAO, Airdrops FOX Tokens Which Soars 4x
- Founded in 2014, ShapeShift cryptocurrency exchange has shifted its form to become a completely decentralized organization (DAO) over the next 12 months.
- The company is handing over the company's reins to a decentralized autonomous organization (DAO) controlled by FOX holders.
- FOX holders will be governing the organization by submitting and voting on proposals.
- It is conducting what is described as “the largest airdrop in history,” which has sent the price of FOX soaring.
The exchange token, which was launched in November 2019, surged 314% to $1.16, as per CoinGecko. As of writing, the token is trading just above $0.8, still down 50.4% from its all-time high of $1.65 three months back.
“It has become clear that open, immutable finance requires open, immutable organizations,” said Erik Voorhees, founder and CEO of ShapeShift.
“Inspired by the broader DeFi community, we'll now help pioneer a new model of economic coordination for the 21st century. No corporate entity, no banks and no borders.”
This airdrop involves 340 million FOX Tokens to over one million recipients in a multi-step process. It will be distributed to an estimated 900k current and past shapeShift users, KeepKey hardware wallet owners, and about 120,000 users of several DeFi protocols such as Yearn, Uniswap, and Gitcoin, as shared in ShapeShift’s blog.
Of the total just over a billion FOX tokens, with no inflation, 34% is assigned for the community, 32% to the ShapeShift staff, 24% to the ShapeShift DAO, 7.5% to the Foundation, which will steer the part which can’t be decentralized right now, and 1.3% to help the company to wind down.
To receive the airdrop, it must be claimed within 90 days, and after that, unclaimed FOX tokens will be sent back to the DAO. Liquidity mining for the token starts on July 16.
The company is open-sourcing its entire codebase and technology and bringing ShapeShift “further in line with the true vision of immutable, decentralized finance.”